Social Sustainability involves recognizing and overseeing the influence businesses have on individuals, encompassing both favourable and adverse effects. It emphasizes the responsibility to enhance societal well-being while mitigating any harm caused by business operations. “Social Sustainability- where businesses thrive by respecting people, embracing diversity and collaborating for positive change.”
A company’s reputation depends on various social factors like engagement with its stakeholders, relations with employees, customers and societal communities, and thus it is crucial to manage every aspect of the company equally well, or else it would hamper the social license for it’s operating. Failure in addressing social development issues such as poverty, inequality, and weak rule of law, can hinder business operations and growth. Thus, it is better for the enterprise to have awareness about social sustainability which can lead to positive outcomes. Certain things which can be done are:
- Unlocking new markets
- Attracting and retaining business partners
- Fostering innovation
- Improving internal morale
- Employee engagement
- Managing conflicts and local communities .
From the view point of the United Nations, the UN Global Compact’s principles outline a framework for corporate sustainability, emphasizing on the social aspect of it more. Human rights have been considered as corner stone here in the framework of business’s social policy. It also recognizes to give attention to all the groups of the society such as laborer’s, their working conditions and wages, women- promotes gender equality, children, protection against child labor and exploitation, respecting the indigenous people, and people with disabilities. The company provides a holistic approach towards the consideration of poverty ad a broader societal concept. This approach focuses on the focal point of practicing sustainable business benefiting all members of community to overall well-being.
In addition to this, companies are encouraged to take extra precautions such as that of creating jobs, offering products which are needful for the society fostering developmental plans, making strategic investments, and supporting public policies. Collaborating with other businesses is also one such way of gaining a greater exposure and visibility in the market, resulting to overall well-being. This involves adopting eco-friendly practices, reducing carbon output, and participating in community betterment services.
In the present times, nearly all of the world’s largest companies now issue a sustainability report and set different goals for a better environment. The current report of companies adopting sustainability is around 95% in aspects of fully integrating environmental, social and governance (ESG).
Despite their good intentions, today’s businesses are missing an opportunity to integrate social responsibility and day-to-day business objectives that is to do good and make money.
“Corporate social responsibility is measured in terms of business improving conditions for their employees, shareholders, communities, and environment. But moral responsibility goes further, reflecting the need for corporations to address fundamental ethical issues such as inclusion, dignity, and equality.”
WRITTEN AND EDITED BY- NANDNI RANPARA
